Burke & Herbert Bank Announces Third-Quarter Earnings
Alexandria, VA (November 26, 2019) – Burke & Herbert Bank today announced that in the third quarter of 2019, it posted net income of $4.5 million, bringing the total for the nine months ended September 30, 2019 to $18.4 million. The Bank reported net income of $23.4 million for the nine-month period ended September 30, 2018.
During the third quarter, the Bank earned $21.7 million in net interest income, a decrease from $23.9 million during the same quarter the year prior. For the year-to-date, net interest income totaled $66.5 million, $5.1 million (or 7.1%) lower than the same nine months last year.
Interest and fees on loans, the single largest source of revenue for the Bank, reached $63.6 million for the first nine months of 2019, an increase of 2.7% over the same period one year ago. As of September 30, the loan portfolio had increased by $38.5 million, or 2.1%, over the prior year, with total loans standing at $1.89 billion.
Total deposits grew slightly in the third quarter, rising by $17.4 million, or 0.7%. The portfolio totaled $2.41 billion at September 30, greater than the previous quarter. Compared to the same date the year prior, total deposits have increased by 5.3%.
Our consumer banking business continues to perform well as measured by growth in personal checking accounts on file. Our personal checking base grew to more than 55,000 accounts at quarter-end, 3.0% greater than at the same point in 2018.
For details on the Bank's third-quarter performance, view our Third Quarter Earnings Report.
Burke & Herbert Bank, established in 1852, is the oldest bank in the Commonwealth of Virginia and the oldest continuously operating bank in the Washington, D.C. area. The Bank offers a full range of personal and business banking products and services designed to meet customers' banking, borrowing, and investing needs. Burke & Herbert Bank is headquartered in Alexandria and operates 25 branches in Northern Virginia.